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The disclosure of tax avoidance schemes regime has been extended to include certain arrangements relating to stamp duty land tax where the subject matter involves residential property.
HMRC have published notes relating to the use of the disclosure of stamp duty land tax avoidance schemes and the form AAG4 (SDLT), which is used to make a disclosure.
A scheme promoter must notify the Revenue of SDLT avoidance schemes, whereupon the department may issue an eight-digit scheme reference number (SRN) to the person making the notification, who will in turn provide this to each client who implements the scheme.
The client must then declare the use of the scheme to the taxman on an AAG4 (SDLT) each time the scheme or arrangement is used.
HMRC emphasised that ‘a user of a stamp duty land tax scheme cannot make a valid notification of their use of the scheme on any other form. Entering the scheme reference number on a stamp duty land tax or other return is not a valid notification of the use of the scheme.'
An AAG4 (SDLT) must be submitted within 30 days of entering into the first land transaction in connection with the scheme.
The form can be completed and submitted online or sent by post to Anti-Avoidance Group, HM Revenue and Customs, 1st floor south, 22 Kingsway, London WC2B 6NR.
